Question

Isaac invested $1,800 in an account paying an interest rate of 4.7%

Answer 1

Answer:

$3584.86 or 3600 if rounded to the nearest 100 dollars

Step-by-step explanation:

1800(1.047)^15= 3584.86

you can plug this into a calculator

Answer 2

Answer:

3600

Step-by-step explanation:

\text{Compounded Continuously:}

Compounded Continuously:

A=Pe^{rt}

A=Pe  

rt

 

P=1800\hspace{35px}r=0.047\hspace{35px}t=15

P=1800r=0.047t=15

Given values

A=1800e^{0.047(15)}

A=1800e  

0.047(15)

 

Plug in

A=1800e^{0.705}

A=1800e  

0.705

 

Multiply

A=3642.92403286

A=3642.92403286

Use calculator (with e button)

A\approx 3600

A≈3600

Round to nearest hundred dollars